Cox Communications plans to acquire the remaining interest in enterprise fiber provider UPN (Unite Private Networks).
The deal is expected to close by June 30 and will combine UPN with Segra, another business services company in which Cox has invested, to form a new standalone company focused on commercial customers.
This move is part of Cox’s strategy to expand its business services portfolio. In recent years Cox has invested in companies such as Segra and Logicworks, a managed cloud services provider, to broaden its capabilities and market reach.
By acquiring the remaining interest in UPN, Cox aims to strengthen its market position and offer a more comprehensive set of commercial services, including enterprise fiber, networking and cloud-related solutions.
“We will bring UPN and Segra together to create a new, standalone company that continues to offer our customers a broad portfolio of commercial business services,” said Cox Communications President Mark Greatrex.
Greatrex also thanked Ridgemont Equity Partners for their collaboration. Ridgemont helped align UPN’s management team, private capital and board leadership, contributing to the company’s growth and market leadership.
“We also benefited from the strong strategic partnership with Cox Communications in 2016 to extend and enhance our original investment and create the market leader UPN is today,” said George Morgan, Senior Advisor at Ridgemont Equity Partners.
Under the leadership of Segra CEO Kevin Hart, the combined company will continue delivering a wide range of commercial services. Jason Adkins, CEO of UPN, will join the new organization as president and will report to Hart.
The transaction remains subject to customary regulatory approvals and closing conditions before it can be finalized.
Evercore served as exclusive financial advisor to Cox Communications, while Eversheds Sutherland provided legal counsel.
UPN was represented by Morgan, Lewis & Bockius LLP and Dentons US LLP. Ridgemont received financial advice from Bank Street Group LLC and legal counsel from Alston & Bird.
This acquisition represents a significant step for Cox Communications as it deepens its presence in the business services market. By combining UPN’s fiber assets and expertise with Segra’s portfolio and operations, the new company aims to deliver enhanced connectivity, managed services and support to enterprise and commercial customers.
(Photo by Compare Fibre on Unsplash)
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